Gig Tank highlighted by Silicon Valley publication

A Silicon Valley publication highlighted Chattanooga's Gig Tank competition this week. The writer said Chattanooga verges on "rural backwater" but that "it just so happens that this particular backwater is living in the future." (Photo: Staff)

Local leaders formed the Gig Tank competition to inspire next-generation Internet apps and businesses and to challenge young entrepreneurs to find innovative ways to use the city's high-speed, 1-gig-per-second Internet.

Last year, they got about 150 applications from students and entrepreneurs who wanted to participate in the 100-day business accelerator and mentorship program.

Writer for Pandodaily Hamish McKenzie wrote about last year's winner, Banyan—whose creators moved from Florida to Chattanooga in January—and interviewed CO.LAB founder Sheldon Grizzle.

Banyan creators won the biggest prize of $100,000 for their cloud-based control system for collaborative research. The product aims to make it easier for researchers at universities nationwide to share information.

The creators of Banyan also recently launched a side project, called Nooga Startups, that highlights and links to new, local businesses.

But McKenzie also references an article that says joining an accelerator program isn't a good idea.

And though most of the attention for the Gig Tank has been positive, there have been some questions about the practical costs of the gig.

Leaders are currently taking applications for the second Gig Tank competition.